CFC tax-free liquidation
Individual beneficiaries of foreign companies get opportunity to liquidate the CFC and obtain all its assets, including cash, without tax consequences.
Individuals who have paid personal income tax on the amount of income received in the liquidation of the CFC in the previous periods, have the opportunity to return it within three years from the date of payment of the tax.
In order to receive the tax-free liquidation benefit, the individual beneficiary should:
1. Complete the procedure of liquidation of a foreign organization (structure) before March 1, 2019 or to take a decision to liquidate the company before July 1, 2018;
2. Submit to the tax authority the tax return, reflecting the income generated and attach to the tax return correspond documents.
- Preparation of the documents required for application of the tax exemptions for submitting to the tax authorities;
- Submit documents to the tax authorities.
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